Bajaj Energy IPO is the proposed initial public offering of Bajaj Energy Limited, a thermal power generation company associated with the Bajaj Group. The company filed its Draft Red Herring Prospectus with SEBI in April 2019 for a proposed issue of up to ₹5,450 crore. The offer comprised a fresh issue of up to ₹5,150 crore and an Offer for Sale of up to ₹300 crore by Bajaj Power Ventures Private Limited.
Bajaj Energy operates coal-based thermal power plants in Uttar Pradesh and, together with Lalitpur Power Generation Company Limited, has historically reported an aggregate installed capacity of 2,430 MW. Bajaj Energy’s own five plants have an aggregate capacity of 450 MW, while LPGCL’s Lalitpur project has a capacity of 1,980 MW. The generation from these projects has been contracted through long-term power purchase arrangements.
The original IPO proposal was intended to provide capital for the acquisition of shares in Lalitpur Power Generation Company Limited and for general corporate purposes. However, the proposed issue did not proceed to a public subscription. A 2021 rating disclosure stated that the IPO had been delayed because of adverse market conditions. Current company information continues to show Bajaj Energy as an unlisted entity, while the latest CRISIL rating refers to Bajaj Energy Private Limited.
Table of Contents
Bajaj Energy IPO Details
| Information | Details |
|---|---|
| IPO Name | Bajaj Energy IPO |
| Company Name | Bajaj Energy Limited / Bajaj Energy Private Limited |
| Promoters | Bajaj Power Ventures Private Limited, Shishir Bajaj, Minakshi Bajaj, Kushagra Bajaj and Apoorva Bajaj |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Current IPO Status | Delayed / Not Active |
| Face Value | ₹10 Per Equity Share |
| Proposed Price Band | |
| Proposed Issue Size | ₹5,450 Crore |
| Proposed Fresh Issue | Up to ₹5,150 Crore |
| Proposed Offer for Sale | Up to ₹300 Crore |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Proposed Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | Link Intime India Private Limited |
| Book Running Lead Managers | Edelweiss Financial Services Limited, IIFL Holdings Limited, SBI Capital Markets Limited and IDBI Capital Markets & Securities Limited |
The ₹5,450 crore issue structure comes from the April 2019 DRHP. The document proposed a fresh issue of up to ₹5,150 crore and an OFS of up to ₹300 crore. No current price band, bidding dates or lot size have been announced for an active issue.
Bajaj Energy IPO Dates
| IPO Event | Date |
|---|---|
| DRHP Filing Date | April 2019 |
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The original DRHP was filed with SEBI in April 2019. The IPO did not proceed to the public bidding stage, and there are currently no confirmed opening, closing, allotment or listing dates.
Bajaj Energy IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
The final reservation structure for a future IPO has not been announced.
Bajaj Energy IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum | ||
| S-HNI Maximum | ||
| B-HNI Minimum |
The final lot size cannot be determined because no current price band or active IPO timetable has been announced.
About Bajaj Energy Limited
Bajaj Energy is a power generation company focused on developing, financing and operating thermal power plants in India. The business has historically operated five coal-based thermal power plants in Uttar Pradesh, each with a capacity of 90 MW, giving Bajaj Energy an aggregate capacity of 450 MW from its own plants.
The five plants are located at Khambarkhera, Maqsoodapur, Barkhera, Utraula and Kundarkhi in Uttar Pradesh. The generation from these plants is sold to Uttar Pradesh Power Corporation Limited under long-term power purchase agreements.
Bajaj Energy has also been associated with Lalitpur Power Generation Company Limited, which operates a 1,980 MW supercritical thermal power project in Uttar Pradesh. The historical IPO proposal contemplated acquisition of the LPGCL stake as part of the use of fresh issue proceeds.
Business Operations
Bajaj Energy’s operations are centred on thermal power generation and the sale of electricity under long-term contractual arrangements.
Thermal Power Generation
The company operates coal-based thermal power generation facilities in Uttar Pradesh. Its five plants have a combined installed capacity of 450 MW.
Long-Term Power Purchase Agreements
The company’s generation has historically been sold under long-term power purchase agreements, providing a contractual framework for electricity offtake.
Coal-Based Generation
Coal is the principal fuel used by the company’s thermal power plants. The company has historically relied on long-term fuel supply arrangements for coal procurement.
Lalitpur Power Generation
Lalitpur Power Generation Company Limited operates a 1,980 MW thermal power project in Uttar Pradesh. The historical IPO proposal contemplated acquisition of LPGCL shares by Bajaj Energy.
Power Supply to Uttar Pradesh
The company’s generation assets are concentrated in Uttar Pradesh. The long-term power arrangements with state-owned procurers provide the company with an established market for generated electricity.
Industry Overview
India’s electricity demand is influenced by industrial activity, urbanisation, household consumption, infrastructure development and increasing electrification.
Thermal power continues to form an important part of India’s electricity generation mix because coal-fired plants can provide large-scale dispatchable electricity. At the same time, power generators face regulatory requirements related to emissions, environmental compliance, fuel supply and plant operations.
The thermal power industry is capital intensive and requires substantial investment in generation assets, fuel procurement, maintenance and environmental infrastructure. Power producers are also exposed to changes in fuel prices, availability, tariffs, demand, regulatory policies and counterparty payment behaviour.
For Bajaj Energy, the concentration of generation assets in Uttar Pradesh and dependence on contractual power offtake are important factors in understanding the company’s business model.
Business Strategy
Bajaj Energy’s historical strategy has focused on developing and operating thermal power assets supported by long-term power purchase and fuel supply arrangements.
The company has sought to maintain predictable electricity offtake through long-term PPAs. Such arrangements can provide greater visibility over revenue compared with merchant power generation, although actual cash flows remain dependent on contractual terms and counterparty performance.
The proposed IPO was also linked to the expansion of Bajaj Energy’s power platform through acquisition of shares in Lalitpur Power Generation Company Limited. The historical offer document stated that the fresh issue proceeds were proposed to fund the purchase of LPGCL shares and general corporate purposes.
Bajaj Energy IPO Financial Information
Financial performance provides information about the company’s revenue generation, profitability and operating results.
Bajaj Energy Financial Summary
| Particulars | FY2016 | FY2017 | FY2018 | 9M FY2019 |
|---|---|---|---|---|
| Revenue from Operations | ₹1,331.13 Crore | ₹1,370.94 Crore | ₹855.20 Crore | ₹694.00 Crore |
| Other Income | ₹75.97 Crore | ₹34.93 Crore | ₹42.43 Crore | ₹28.05 Crore |
| Total Income | ₹1,407.10 Crore | ₹1,405.88 Crore | ₹897.63 Crore | ₹722.05 Crore |
| Profit Before Tax | ₹150.28 Crore | ₹81.09 Crore | ₹48.31 Crore | ₹45.49 Crore |
| Profit After Tax | ₹102.84 Crore | ₹88.25 Crore | ₹41.68 Crore | ₹35.94 Crore |
| Share of Profit/(Loss) of Associate | Nil | ₹19.46 Crore | -₹45.08 Crore | ₹3.62 Crore |
| Profit/(Loss) for the Period | ₹102.84 Crore | ₹107.71 Crore | -₹3.40 Crore | ₹39.56 Crore |
The figures are from the restated consolidated financial information prepared for the historical IPO documents.
Bajaj Energy IPO Key Performance Indicators (KPIs)
Key Performance Indicators provide information about profitability, plant performance and financial efficiency.
| KPI | FY2016 | FY2017 | FY2018 | 9M FY2019 |
|---|---|---|---|---|
| EBITDA | ₹517.65 Crore | ₹463.28 Crore | ₹398.96 Crore | |
| EBITDA Margin | 38.90% | 46.70% | ||
| RoNW | 8.94% | 8.56% | -0.27% | 3.06% |
| EPS | ₹2.27 | ₹2.38 | -₹0.07 | |
| Net Worth | ₹1,150.36 Crore | ₹1,257.93 Crore | ₹1,254.35 Crore | ₹1,293.52 Crore |
| Plant Availability Factor | 85.52% | 85.48% | 87.12% |
The EBITDA, plant availability and RoNW figures are based on the historical DRHP disclosures and associated IPO research documents.
Objects of the Bajaj Energy IPO
The proposed IPO had two principal purposes.
- Acquisition of LPGCL Shares – A major portion of the fresh issue was proposed to be used to purchase 69,936,900 equity shares of Lalitpur Power Generation Company Limited from Bajaj Power Ventures Private Limited and Bajaj Hindusthan Sugar Limited.
- The proposed acquisition was intended to consolidate the LPGCL power-generation asset within Bajaj Energy’s power platform.
- General Corporate Purposes –
- The remaining proceeds from the fresh issue were proposed to be used for general corporate purposes, subject to applicable regulations and the final offer documents.
Bajaj Energy IPO Listing Performance
The proposed IPO did not reach the listing stage, so there is no issue price, listing price or listing gain.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The historical DRHP proposed listing the equity shares on both BSE and NSE.
Bajaj Energy IPO Subscription Status
The subscription figures indicate investor participation during the public bidding period.
Bajaj Energy IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
No subscription figures are available because the proposed IPO did not proceed to public bidding.
Bajaj Energy IPO GMP Snapshot
The GMP Snapshot section provides information about unofficial grey-market activity when reliable data is available.
| Particular | Details |
|---|---|
| IPO GMP | |
| Expected Listing Price | |
| GMP Percentage | |
| Last Updated |
No current GMP has been included because Bajaj Energy does not have an active IPO price band or public subscription window. Grey-market premiums are unofficial and should not be treated as confirmed listing indicators.
Bajaj Energy IPO Review
Bajaj Energy has an established thermal power-generation business with five 90 MW plants in Uttar Pradesh. Together with Lalitpur Power Generation Company Limited, the historical business platform represented 2,430 MW of aggregate installed capacity. The company’s generation assets have been supported by long-term power purchase arrangements, while fuel procurement has historically been supported by long-term supply arrangements.
The historical financial statements show total income of ₹897.63 crore in FY2018, compared with ₹1,405.88 crore in FY2017 and ₹1,407.10 crore in FY2016. Profit after tax attributable to the company before the share of associate results was ₹41.68 crore in FY2018, compared with ₹88.25 crore in FY2017 and ₹102.84 crore in FY2016.
The proposed ₹5,450 crore IPO was substantial in size and included a fresh issue of up to ₹5,150 crore. The principal purpose of the fresh issue was to fund the acquisition of shares in LPGCL, alongside general corporate purposes.
However, investors should distinguish these historical IPO details from the company’s current status. The original 2019 IPO did not progress to listing, and a later rating disclosure stated that the IPO had been delayed because of adverse market conditions. Current company records describe Bajaj Energy as unlisted, while CRISIL’s February 2026 rating refers to Bajaj Energy Private Limited and highlights the company’s long-term PPAs, fuel supply agreement and cash-flow arrangements.
Bajaj Energy IPO Strengths
- Established track record in developing and operating thermal power plants.
- Five operational thermal power plants with aggregate capacity of 450 MW.
- Historical association with the 1,980 MW Lalitpur Power Generation Company project.
- Long-term power purchase agreements provide contractual visibility for electricity offtake.
- Long-term fuel supply arrangements support coal availability.
- Presence in Uttar Pradesh, a large electricity-consuming state.
- Historical plant availability levels were above 85% across FY2016 to FY2018.
- Thermal power generation provides dispatchable electricity for the power system.
- CRISIL’s February 2026 rating highlighted low offtake risk arising from long-term PPAs and timely cash flows through the escrow mechanism.
Bajaj Energy IPO Risk Factors
- The company’s business is exposed to risks associated with coal-based thermal power generation.
- Fuel availability and transportation infrastructure can affect plant operations.
- The company has exposure to counterparty risk, particularly from power purchasers.
- Regulatory changes can affect tariffs, environmental requirements and plant economics.
- Thermal power plants require significant maintenance and capital expenditure.
- Environmental regulations can increase operating and compliance costs.
- Concentration of assets in Uttar Pradesh creates geographic concentration risk.
- Power generation revenues are dependent on contractual terms and electricity offtake.
- The company has historically experienced changes in revenue and profitability across financial years.
- The historical IPO was delayed following adverse market conditions.
- There is currently no confirmed price band, issue date, lot size or subscription timetable.
- Any future IPO could have an issue structure and valuation different from the 2019 DRHP.
Bajaj Energy IPO Promoters
The historical DRHP identified Bajaj Power Ventures Private Limited, Shishir Bajaj, Minakshi Bajaj, Kushagra Bajaj and Apoorva Bajaj as promoters of Bajaj Energy.
Bajaj Power Ventures Private Limited was also identified as the promoter selling shareholder for the proposed Offer for Sale.
Bajaj Energy IPO Promoters Details
| Promoter | Details |
|---|---|
| Bajaj Power Ventures Private Limited | Promoter |
| Shishir Bajaj | Promoter |
| Minakshi Bajaj | Promoter |
| Kushagra Bajaj | Promoter |
| Apoorva Bajaj | Promoter |
The above promoter information relates to the historical 2019 IPO documents. Current ownership and corporate structure should be checked against the latest company and regulatory records before any future IPO.
Bajaj Energy IPO Management Team
Management Team
| Name | Designation |
|---|---|
| Kushagra Bajaj | Chairman |
| Vinay Kumar Singh Bankoti | Managing Director / CEO |
| Other Directors | As per current corporate records |
The historical IPO documents included the company’s board and key managerial personnel. Current company records should be used for the latest management information because the original DRHP dates from 2019. Bajaj Energy’s current corporate records show an active unlisted company.
Bajaj Energy IPO Registrar Details
The registrar was responsible for handling applications, allotment, refunds and investor records for the proposed IPO.
| Particular | Details |
|---|---|
| Registrar Name | Link Intime India Private Limited |
| Website | Link Intime India |
| IPO Allotment Status | |
| Email ID | [email protected] |
| Contact Number | +91 22 4918 6000 |
Link Intime India Private Limited was identified as the registrar to the historical Bajaj Energy IPO.
Bajaj Energy IPO Lead Manager Details
The Book Running Lead Managers were appointed for the proposed public issue.
| Particular | Details |
|---|---|
| Lead Manager | Edelweiss Financial Services Limited |
| Lead Manager | IIFL Holdings Limited |
| Lead Manager | SBI Capital Markets Limited |
| Lead Manager | IDBI Capital Markets & Securities Limited |
These institutions were identified as the book-running lead managers in the historical DRHP.
Bajaj Energy Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Bajaj Energy Private Limited |
| Registered Office | Khambarkhera, Shardanagar Road, Lakhimpur Kheri, Uttar Pradesh – 261506 |
| Corporate Office | 106-107, Bajaj Bhawan, 10th Floor, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai – 400021 |
| Website | www.bajajenergy.com |
| Email ID | [email protected] |
| Telephone | +91 22 2204 9056 / +91 22 2204 9058 |
The registered and corporate office details above are from the historical IPO document, while the company’s website continues to identify Bajaj Energy as a thermal power generation business.
How to Check Bajaj Energy IPO Allotment Status
The Bajaj Energy IPO did not reach the public bidding and allotment stage.
Through IPO Registrar
There is currently no active IPO allotment result available because the historical proposed issue was not launched.
If Bajaj Energy files a new IPO and proceeds with a public issue, the allotment can be checked through the registrar appointed for that particular issue.
Through BSE
For a future public issue, investors would also be able to check allotment-related information through the BSE platform after the basis of allotment is finalised.
Bajaj Energy IPO Conclusion
Bajaj Energy is a thermal power generation business with five 90 MW coal-based plants in Uttar Pradesh and a historical association with the 1,980 MW Lalitpur Power Generation Company project. Its generation assets have been supported by long-term PPAs, while the business has historically operated with long-term fuel supply arrangements.
The company proposed a ₹5,450 crore IPO in 2019, comprising a fresh issue of up to ₹5,150 crore and an OFS of up to ₹300 crore. The fresh issue was principally intended to fund the acquisition of shares in LPGCL and for general corporate purposes.
The IPO did not proceed to public subscription and has remained delayed. A 2021 rating disclosure attributed the delay to adverse market conditions. Current company records show Bajaj Energy as an active but unlisted entity, and CRISIL’s February 2026 rating refers to the business as Bajaj Energy Private Limited.
Accordingly, the ₹5,450 crore issue size and other IPO terms in this article should be treated as historical proposed terms from the 2019 DRHP. A future IPO would require updated regulatory filings, which could change the issue size, price band, shareholding, use of proceeds, lot size and other terms.
Bajaj Energy IPO FAQs
What is Bajaj Energy IPO?
Bajaj Energy IPO is the proposed initial public offering of Bajaj Energy, a thermal power generation company associated with the Bajaj Group.
What was the proposed issue size of Bajaj Energy IPO?
The proposed IPO size was ₹5,450 crore, comprising a fresh issue of up to ₹5,150 crore and an Offer for Sale of up to ₹300 crore.
Is Bajaj Energy IPO open?
No. The historical IPO has not proceeded to public subscription, and there is currently no active bidding window.
What was the price band of Bajaj Energy IPO?
The final price band was not announced for the proposed issue.
What is the lot size of Bajaj Energy IPO?
The lot size has not been announced for an active issue.
When will Bajaj Energy IPO open?
There is currently no confirmed IPO opening date.
Who is the registrar of Bajaj Energy IPO?
Link Intime India Private Limited was appointed as the registrar to the historical proposed IPO.
Who were the lead managers of Bajaj Energy IPO?
Edelweiss Financial Services Limited, IIFL Holdings Limited, SBI Capital Markets Limited and IDBI Capital Markets & Securities Limited were the book-running lead managers for the proposed issue.
What does Bajaj Energy do?
Bajaj Energy develops, finances and operates thermal power plants. Its historical operating portfolio included five coal-based plants with a combined capacity of 450 MW in Uttar Pradesh.
What is the total power capacity associated with Bajaj Energy?
Bajaj Energy and Lalitpur Power Generation Company Limited have historically been reported together with an aggregate installed capacity of 2,430 MW, consisting of 450 MW from Bajaj Energy’s five plants and 1,980 MW from LPGCL.
Who are the promoters of Bajaj Energy?
The historical DRHP identified Bajaj Power Ventures Private Limited, Shishir Bajaj, Minakshi Bajaj, Kushagra Bajaj and Apoorva Bajaj as promoters.
What are the financials of Bajaj Energy?
According to the historical restated consolidated financial information, total income was ₹897.63 crore in FY2018, ₹1,405.88 crore in FY2017 and ₹1,407.10 crore in FY2016. Profit after tax before the share of associate results was ₹41.68 crore in FY2018, ₹88.25 crore in FY2017 and ₹102.84 crore in FY2016.
What is the GMP of Bajaj Energy IPO?
There is no reliable current GMP because Bajaj Energy does not have an active public issue or announced price band.
Where will Bajaj Energy be listed?
The historical DRHP proposed listing on both BSE and NSE. However, the proposed IPO did not reach the listing stage.
Why has Bajaj Energy IPO not launched?
The IPO was filed in 2019 but did not proceed to public subscription. A 2021 rating disclosure stated that the proposed IPO had been delayed because of adverse market conditions.
